Canola lags in quiet futures market

Crop futures markets had a relatively quiet day, with canola lagging, as equity markets reversed downward.

Soybean oil was the weakest part of the crops market, hurting canola, even as a weak Canadian dollar helped stop canola slipping further.

Soybean meal rose, and wheat had a strong day.

Wheat’s strength might have been due to speculation that Russia’s government might restrict grain exports because of surging meat prices. Russian farmers and companies have been keen to export grain because as the ruble falls, U.S. dollar denominated world grain prices look more and more attractive.

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Crops were also challenged by a cold snap hitting eastern Europe and Ukraine.
Dryness is beginning to be felt in Argentina’s soybean areas, challenging expectations for that crop.

The strongest part of the wheat complex was in soft red winter, which rose six cents on the Chicago contract. Hard red winter edged over three cents higher and spring wheat just two.

Some of the relative strength of crop markets compared to both the overall commodities complex and world stock markets is due to the large short position many large speculators have. Much bad news is already factored into prices, and some speculators are moving to cover their shorts.

Stock exchanges fell as oil slumped again, reversing a rally that began late last week.

ed.white@producer.com

Light crude oil nearby futures in New York were down $1.85 to US$30.34 per barrel.

The Canadian dollar at noon was US70.17 cents, down from 70.67 cents the previous trading day. The U.S. dollar at noon was C$1.4252.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016   482.00   +0.30   +0.06%
Canola May 2016   490.40   +0.20   +0.04%
Canola Jul 2016   495.80   +0.50   +0.10%
Canola Nov 2016   494.50   -0.20   -0.04%
Canola Jan 2017   496.00   -0.50   -0.10%

Milling Wheat Mar 2016   237.00   -8.00   -3.27%
Milling Wheat May 2016   239.00   -8.00   -3.24%
Milling Wheat Jul 2016   243.00   -8.00   -3.19%

Durum Wheat Mar 2016   322.00   -12.00   -3.59%
Durum Wheat May 2016   330.00   -12.00   -3.51%
Durum Wheat Jul 2016   330.00   -12.00   -3.51%

Barley Mar 2016   190.00   unch   0.00%
Barley May 2016   194.00   unch   0.00%
Barley Jul 2016   196.00   unch   0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Mar 2016   880.5   +4   +0.46%
Soybeans May 2016   881.75   +4.5   +0.51%
Soybeans Jul 2016   886.75   +4.75   +0.54%
Soybeans Aug 2016   888.25   +5   +0.57%

Soybeans Sep 2016 887.5 +5.25 +0.60%
Soybeans Nov 2016 889.75 +6 +0.68%

Soybean Meal Mar 2016   272.5   +4   +1.49%
Soybean Meal May 2016   274.6   +3.7   +1.37%
Soybean Meal Jul 2016   276.8   +3.3   +1.21%

Soybean Oil Mar 2016   30.44   -0.06   -0.20%
Soybean Oil May 2016   30.63   -0.06   -0.20%
Soybean Oil Jul 2016   30.85   -0.06   -0.19%

Corn Mar 2016   369.75   -0.5   -0.14%
Corn May 2016   374.75   unch   0.00%
Corn Jul 2016   380   +0.25   +0.07%
Corn Sep 2016   385   +0.5   +0.13%
Corn Dec 2016   392.5   +0.5   +0.13%

Oats Mar 2016   205.25   -0.25   -0.12%
Oats May 2016   211.5   +0.5   +0.24%
Oats Jul 2016   217   +0.75   +0.35%
Oats Sep 2016   222.5   +0.75   +0.34%
Oats Dec 2016   218.5   -2.25   -1.02%

Wheat Mar 2016   481.5   +6   +1.26%
Wheat May 2016   486.75   +6.5   +1.35%
Wheat Jul 2016   492.25   +7   +1.44%
Wheat Sep 2016   501   +7.25   +1.47%
Wheat Dec 2016   515   +7.5   +1.48%

Minneapolis
Spring Wheat Mar 2016   499.75   +2.75   +0.55%
Spring Wheat May 2016   505   +2   +0.40%
Spring Wheat Jul 2016   511.25   +2.25   +0.44%
Spring Wheat Sep 2016   521.25   +2.25   +0.43%
Spring Wheat Dec 2016   536.5   +2   +0.37%

Kansas City
Hard Red Wheat Mar 2016   474   +3.25   +0.69%
Hard Red Wheat May 2016   484.25   +3.5   +0.73%
Hard Red Wheat Jul 2016   494.75   +4   +0.82%
Hard Red Wheat Sep 2016   508   +4   +0.79%
Hard Red Wheat Dec 2016   527.5   +4.5   +0.86%